Abuja — The Organisation of Petroleum Exporting Countries (OPEC) has admitted for the first time that the growing crude oil output from the United States (U.S.) may threaten the price of crude oil despite efforts to rebalance the market. OPEC, in its monthly report yesterday, upgraded expected supply from non-members, saying that the output was surging beyond expectations. Though the price inched up yesterday with Brent standing at $64.66 and U.S. West Texas Intermediate (WTI) at $60.82 per barrel, OPEC indicated that progress of the price cut agreed among members might become very slow. The world’s biggest oil producers late last year agreed on a nine-month extension of an existing deal curbing production throughout this year to shrink stockpiles and keep prices above $60 per barrel but the recent development may force the price to dip. While OPEC had cut forecast for demand for the fourth consecutive time by […]